>>>
http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360>>
>>Not surprising. It's East Detroit!
>>
>>Actually, there have been crazy prices for foreclosed homes forever. My ex-brother-in-law bought 3 houses for $500.00 each about 5 years ago. They were in a depressed (and crime-ridden) neighborhood.
>
>Unfortunately usually the only reason to do that is to use them as rentals and you can never keep them up as well as you would like in those neighborhoods. Or try try to flip them. What did he end up doing with them?
He's a paint contractor and he fixed them up for his employees. The houses are nicer than they could afford on their own and his rent is guaranteed. He's actually a good landlord and takes care of the properties. His employees tend to stay with him years.
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